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Financial Analysis

Despite Covid-19, Reliance Retail Q2FY21 numbers are almost same as last year

Yesterday, Reliance Industries has published Q2FY21 numbers to the exchanges. Being in an unlisted market, we are more interested in the performance of Reliance Retail, the darling stock of investors which has already given 3x return in the last 1.5 year.

Reliance Retail Quarterly Performance

Reliance Retail in Q2FY21 clocked revenue of 36566 Crores, degrowth of just 1% in the same quarter last year despite business disruption due to COVID-19. However, if we compare Q2FY21 to Q1FY21, there is a growth of 30% which shows that Reliance Retail business is almost back at the Pre-COVID level.

Reliance Retail EBITDA is down by 14% YoY and stands at 1986 Crores. The EBITDA margins in Q2FY21 stood at 5.4% which is down from the 6.3% level in the same quarter last year.

In Q2FY21, Reliance Retail has added 232 new stores. 54 in North, 84 in South, 40 in East, and 54 in the West.

Particulars (Cr) Q2FY21 Q1FY21 Q2FY20
Revenue 36566 31620 36792
EBITDA 1986 1074 2322
EBITDA Margins 5.40% 3.80% 6.30%

COVID-19 Updates on Business

1. Store functioning continued to be impacted, but progressively eased during the quarter- 85% stores operational (1Q: 50%), of which half could operate fully.

2. Footfalls steadily recovering, though still lower particularly in fashion & lifestyle and malls- At 75% for the quarter (1Q: 43%), with September at 85% of pre-COVID levels

Fund Raising this quarter

Reliance Retail in the last quarter has raised 37,170 Crores from different investors across the world. The detail is mentioned below.

Name of the Investor Amount Invested (Cr) % Shares Allotted
Silver Lake Holdings 7500 1.64%
KKR 5550 1.21%
General Atlantic 3675 0.80%
Silver Lake Holdings & Co-Investors 1875 0.41%
Mubadala 6247.5 1.36%
GIC 5512.5 1.20%
TPG 1837.5 0.40%
ADIA 5512.5 1.20%
Total 37710 8.20%

Reliance Retail Valuation

Reliance Retail has given 8.22% stakes to investors for Rs. 37710 Crores.

This means, 1% stake valued at = 4587 Crores

100% stake valued at = 4,58,759 Crores.

With total outstanding shares of 498 Crores as of 31.03.2020, the per-share value comes out at 921 per share.

Reliance Retail Q2FY21 Presentation

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